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CSPAN 1
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CSPAN
Jan 19, 2013 11:05am EST
one, there was -- world war i, cooperation among central banks and governments was not very good. your audience may know about the tariff wars and all the things that happened. in a global crisis like this one, it is important to cooperate, according it as much as possible with policy makers around the world. -- cooperate as much as possible with policy makers around the world. on one date, five or six of the world's largest central banks' coordinated on an interest-rate cut. we of work with the central banks to make sure that they have enough dollars to lend for banks that need to use dollars in their transactions. cooperation has been very helpful in the latest episode. one less thing that occurs to me. one reason that the fed and other policymakers did not take more aggressive fundamental action to try to end the great depression was, they were afraid to do anything that was unorthodox. there was the gold standard, the whole variety of standard practices. given the great uncertainties , they often maintained very orthodox approach. the personnel change that in the united states was
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